Reforming pensions in Zambia : an analysis of existing schemes and options for reform

All of Zambia's pension schemes are deficient in design, financing, and administration. This report urges that Zambia restructure its social protection system to complement its new economic strategy. That restructuring must address such basic problems as macroeconomic fluctuations and an unstable financial sector; high inflation rates and politically-motivated low-yield investments and loans; income ceilings irregularly adjusted for inflation; overgenerous public sector pension benefits; and inadequate management of pension fund operations. In the short and medium term, the objectives should be to settle outstanding pension claims, revise early retirement provisions and investment policies, and improve capabilities for administering statutory pension funds. In the long term the objectives should be to convert the Zambia National Provident Fund (ZNPF) into a modest basic pension scheme for private sector employees, and subsequently integrate civil servants and public sector employees into that scheme; establish regulatory provisions to develop and supervise private pension funds; and establish an administrative mechanism to review social protection policy and to supervise and coordinate its application by all agencies.Public Health Promotion,Pensions&Retirement Systems,Payment Systems&Infrastructure,Environmental Economics&Policies,Banks&Banking Reform,Pensions&Retirement Systems,Environmental Economics&Policies,Economic Theory&Research,Banks&Banking Reform,National Governance

The Labor Market Returns to Sub-Baccalaureate College: A Review

This paper reviews recent evidence on the labor market returns to credit accumulation, certificates, and associate degrees from community colleges. Evidence is collated from estimates of earnings gaps across college students using large-scale, statewide administrative datasets from eight states. Six of these states were partners of the Center for Analysis of Postsecondary Education and Employment (CAPSEE), a research center funded by the Institute of Education Sciences of the U.S. Department of Education. CAPSEE researchers conducted extensive analyses of education and earnings in these states. Findings from these studies affirm a “CAPSEE consensus” with three main results and two key features. For associate degrees, this review affirms that completing an associate degree yields strongly positive, persistent, and consistent earnings gains: studies show that completing an associate degree yields on average approximately $4,640–$7,160 per annum in extra earnings compared to entering college but not completing an award. For certificates, the evidence shows positive but modest returns and that these returns may fade out within a few years post-college. For non-completers, there is evidence that earning more credits is associated with higher earnings. Generally, the results establish two main features. First, increments of college lead to higher earnings, but with returns that are heterogeneous by field of study. Second, the evidence is strongly suggestive that returns to college are robust to macroeconomic trends

Model Specifications for Estimating Labor Market Returns to Associate Degrees: How Robust Are Fixed Effects Estimates?

Recently, studies have adopted fixed effects modeling to identify the returns to college. This method has the advantage over ordinary least squares estimates in that unobservable, individual-level characteristics that may bias the estimated returns are differenced out. But the method requires extensive longitudinal data and involves complex specifications, raising the possibility that results are sensitive either to sample restrictions or to alternative specifications. Also, the extra requirements might not be justified if results from fixed effects models are broadly similar to those from conventional ordinary least squares models. In this paper the authors review results from fixed effects models of the earnings gains from completing an associate degree relative to non-completion for community college students. The authors examine both sampling restrictions and specification issues. Results are sensitive to assumptions about missing earnings data and to how time trend specifications are modeled. However, the authors find no substantively meaningful differences between estimates using fixed effects models and ordinary least squares methods. A main benefit of fixed effects models—controlling for unobservable student characteristics—should be weighed against the difficulty in interpreting coefficients and more intensive data requirements. On the other hand, a distinct advantage of fixed effects models is that they allow for analysis of earning profiles over the period from before to after college. Given the large fluctuations in earnings over this period, this advantage may be significant in yielding evidence on the full returns to college

Stackable Credentials: Awards for the Future?

Stackable credentials—sequential postsecondary awards that allow individuals to progress on a career path—can enhance the labor market prospects of middle-skill workers. In light of recent labor market changes, these credentials may represent an important buffer against job displacement. However, very little evidence exists as to what constitutes a stackable credential and how many persons have obtained them. The authors distinguish three types of stacking—progression, supplemental, and independent. Using national, survey, and college-system-level datasets, the authors estimate that between 3 and 5 percent of the college-educated population have stackable credentials. However, there are several substantial empirical challenges in identifying stackable credentials related to the ordering of awards and to the degree of skill complementarity across awards. Significantly, the authors find that general vocational awards—earned at any institution and typically not credit-bearing—are often conflated with stackable certificates. The incidence of these awards is far greater than of stackable credentials. A review of the evidence shows that certificates convey modestly positive gains in earnings, but there is no evidence that stacking yields earnings gains. Finally, despite frequent changes in skills needs across the economy, the authors identify barriers to the expansion of stackable credentials

The Impact of Occupational Licensing on Labor Market Outcomes of College-Educated Workers

More than one third of college-educated workers have a license that provides the right to practice a particular occupation. In contrast to certificates, these licenses—serving either as a productivity signal or acting as a restrictive practice—are associated with significantly higher earnings. Thus, it is possible that some part of the returns to college are in fact returns to licensing. In this paper, the authors identify the effects of licenses on a set of labor market outcomes for the college-educated workforce using newly available national Current Population Survey data merged with U.S. Department of Labor. The results show significant discrepancies between individual self-reported licensing rates and state-mandated licensing requirements across occupations. Findings indicate significant advantages from licensing in terms of earnings and labor market participation (hours worked). Moreover, controlling for licensing does not significantly reduce the measured returns to college. Licenses convey economic benefits even in occupations where they are not required. In contrast to prior studies, the current study also finds that licenses reduce wage dispersion across the college-educated workforce

Strategies to reduce contribution evasion in social security financing

Summary. Ð Contribution evasion is a serious problem for social security ®nancing in many countries. A mixture of strategies may be most eective in reducing the underpayment and nonpayment of mandatory social security contributions by employers and workers. Contribution evasion can be reduced by changes in: (a) the incentives inherent in the design of social security systems, (b) employer, worker and governmental attitudes toward compliance, (c) administrative procedures that improve the eciency of contribution collection by government or reduce the cost to workers and employers of compliance, and (d) macroeconomic policies that maintain low in¯ation and provide for low unemployment with stable growth.

Systemic and renal hemodynamic effects of intra-arterial radiocontrast

Hydrogen in excess of solid solubility precipitates as hydride phase of plate shaped morphology in hcp α-Zr with the broad face of the hydride plate coinciding with certain crystallographic plane of α-Zr crystal called habit plane. The objective of the present investigation is to predict the habit plane of δ-hydride precipitating in α-Zr at 298 K using strain energy minimization technique. The δ-hydride phase is modeled to undergo isotropic elasto-plastic deformation. The α-Zr phase was modeled to undergo transverse isotropic elastic deformation but isotropic plastic deformation. Accommodation strain energy of δ-hydride forming in α-Zr crystal was computed using initial strain method as a function of hydride nuclei orientation. Hydride was modeled as disk with round edge. Contrary to several habit planes reported in literature for δ- hydrides precipitating in α-Zr crystal, the total accommodation energy minima at 298 K suggests only basal plane i.e. (0001) as the habit plane

Stackable Credentials: Do They Have Labor Market Value?

Stackable credentials—sequential postsecondary awards that allow individuals to progress on a career path—have been suggested as a way to enhance the labor market prospects of middle-skill workers. Yet, thus far, little evidence has been provided on the economic value of these credentials. In this paper, the authors report a series of estimates on the association between stackable credentials and earnings. They use national, survey, and college-system-level datasets. A significant body of evidence indicates that the labor market returns to certificates—along with those to college degrees—are positive. But the authors' estimates of stackable credentials show only weakly positive and inconsistent gains from these award combinations. Generally, these estimates are indistinguishable from the returns to only one postsecondary credential. There is no clear evidence of how earnings vary across types of stack—progressive, supplemental, or independent—or student characteristics. However, estimated earnings gains from stackable credentials may be imprecise. Few college students stack awards, the motives for stacking are unknown, and notably, the number of stacked awards depends on whether general vocational awards are included. Future research should examine why students stack awards and how they can choose combinations of awards that maximize their earnings gains from stacking

Community College Occupational Degrees: Are They Worth It?

While more than 60% of associate degrees and 98% of higher education certificates are classified as “career education,” the value of these programs has been repeatedly questioned. In this paper, we review and develop the evidence base on occupational higher education in the community college sector. We begin by describing the extent and recent growth of occupational credentials, including diplomas and certificates, both in the community college system and the for-profit sector. We then review the evidence on the labor market returns to occupational programs, focusing particularly on whether patterns vary between metropolitan and non-metropolitan residents and by gender. Using SIPP data from 2008, we observe the returns across vocational certificates and associate degrees by field of study. Finally, we draw policy lessons and consider the implications of the Great Recession on changes in the labor market

Implementing environmental improvements in a manufacturing context: a structured approach for the precast concrete industry

In common with other industries, most of the measures and solutions employed by companies in the £2 billion UK precast concrete manufacturing sector are linked to profitability. The concept of sustainability adds new dimensions as social progress and environmental protection become end goals in themselves, rather than objectives to achieve economic growth. This paper explores the nature of the precast industry and discusses opportunities and challenges relating to environmental improvement. A holistic view of the manufacture and procurement of precast concrete products is used to offer environmental improvement criteria an enhanced status in relation to the profitability imperative